We wanted to share three things about real estate during the month of January. While most of Utah is covered in snow, it’s a great time to invest in real estate during January for a few reasons!
1-Home prices in January are typically the lowest they will be all year.
Motivated sellers last through the holidays and begin reducing the prices on their homes to get them gone. We detailed this in an earlier blog post when price reductions reached a new high during the first week of the year. Motivated sellers that left their homes on the market through the holidays will accept good offers.
2-Buyers are determined and willing to act quickly.
Not all of the benefits come from the buyer side of the real estate transaction. Sellers can benefit from having their home listed during the month of January because the type of buyer that is looking to move during the winter months has a lot of motivation. These buyers are not just looking around during the nice warm weather of the Spring or Summer. They are ready to buy, and are ready to buy NOW.
3-Sellers have less competition versus waiting until Spring.
Spring is the best time of the year to sell your home. However, Winter is not far behind in most metrics. Be the first home on the market on your street before they all hit the market in just a couple of months. Redfin published the following:
“For the best chance of selling your home quickly and at a premium, your best bet is to list it in the spring: 39 percent of homes listed between March 21 and June 20 in the past five years went under contract within 30 days and 15 percent of them sold for more than list price. But winter is a very close second bet, just one percentage point behind in each measure.”